What is Asset Protection? Asset protection employs tools and strategies to guard property and wealth. There are several options for...
Estate planning is not complete without incorporating asset protection strategies. After working hard and building your estate, the next important thing to do is safeguard your assets. These strategies are not only for you, but for your beneficiaries and your elder family members, as well.
There are many reasons why a family must approach asset protection seriously. For one, it allows you to protect assets from creditors and other legal liabilities. Second, you can ensure that your hard-earned possessions won't be drained by having to pay nursing homes high costs for your long-term care. Third, you can make sure your properties cannot easily be squandered by heirs. You or your elderly parents may face scenarios in which asset protection strategies could save a lot of heartache for your family.
To identify how to effectively protect your assets, consult an Orlando asset protection attorney with Family First Firm who can help you devise strategies that match your personal and family goals.
The appropriate asset protection strategy will vary depending on your properties and objectives. Generally, this will entail:
Schedule a free consultation with the Family First Firm today. Our team will then evaluate your situation and discuss applicable strategies with you to protect your family’s assets.
Accumulating wealth and preserving your family’s assets involve two entirely different sets of concerns. While it takes grit, hard work, and determination to acquire assets, it will require careful planning and foresight to preserve them. That’s why you need to consult knowledgeable legal professionals who can help you create an asset protection strategy that benefits your family across generations.
You’ll find asset protection to be necessary as you age, and your elderly parents may already be suffering from threats to their estate if an asset protection strategy is not already in place. This is the smart way for you to preserve your family’s legacy. With the right strategy, you don’t have to liquidate all your assets to afford long-term care.
You also need to think of asset protection strategies for your heirs. You never know what the future holds. You may be diligent and protective with your wealth, but your heirs might not be financially wise when they gain possession of these assets. You can prepare for this possibility by setting up a trust to ensure the inheritance will be allocated in a way that is both prudent and practical to your beneficiaries’ needs and purposes. Speak with our team to learn which asset protection strategies are most appropriate for your goals.
If you or your family members are involved in business, then your assets are constantly open to a variety of risks. These threats to your assets could come from business liabilities or predatory creditors who are out to wring you dry. Even if you don’t run a business, your assets might still be levied to satisfy civil liabilities, healthcare costs, bad debts, or court orders.
In preparation for these concerns, you can set up a trust that will protect your assets. Different types of trusts can be created for a variety of purposes, such as safeguarding retirement accounts or preserving assets for heirs. There may be several opportunities for reducing your assets’ susceptibility to threats, given your family’s unique circumstances, and we can highlight these for you.
To set up and maintain a trust, you need an asset protection lawyer who can guide you throughout the process. Call the Family First Firm today to book an appointment.
If you want to preserve your assets for generations, you need to look into asset protection strategies as soon as possible.
A retirement plan is incomplete without a comprehensive trust strategy guided by an experienced Florida estate planning attorney committed to defend your family’s assets from unforeseen circumstances.
Setting up a trust can also give you peace of mind, especially if young children will be beneficiaries. With a trust, you can dictate how much your child can receive as sustenance, and you can even impose conditions before they can receive the whole inheritance. This helps to ensure your heirs will benefit from your assets as intended.
Estate planning and asset protection go hand in hand. It’s important not to confuse the two, even though they usually overlap.
Estate planning is more concerned with the allocation and distribution of your properties in anticipation of incapacitation or death, which will be carried out according to the terms of your trusts in coordination with your will.
Asset protection strategies, on the other hand, can be commenced during your lifetime to shield assets from creditors, so they will remain available to your family in the long term.
To explore the right estate planning tools and asset protection strategies, schedule a consultation with the Family First Firm today.
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